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O.D.O.com. But we are

1:22

all going to wake

1:24

up tomorrow in a

1:27

whole different economy. From

1:29

American public media. This

1:32

is market plans. In

1:34

Los Angeles, I'm Kaa

1:37

Rizdahl. It is Tuesday.

1:39

This one is the

1:41

8th of April. It is

1:44

always to have you along,

1:46

everybody. It is possible. It's

1:49

desperately unlikely, but it is

1:51

possible, that between the time

1:53

this program gets put to bed and

1:55

the time you hear it, that President

1:58

Trump will have changed his mind. have

2:00

reconsidered the damage he's doing to global

2:02

trade and the American economy. But we

2:04

here cannot predict the news. We can

2:07

only tell you what the news is.

2:09

And the news is that at midnight

2:11

tonight, the president's tariffs take effect and

2:13

the whole global trade ballgame is going

2:16

to change. Some of those changes actually

2:18

have already started happening. Sabri Benashore told

2:20

us yesterday about the yield on two-year

2:22

treasury notes, how it's been falling on

2:25

expectations of a weaker economy over the

2:27

next couple of years. Those exact same

2:29

concerns are playing out in the corporate

2:32

bond market too. Over the past couple

2:34

of days, the issuance of corporate debt

2:36

has slowed to a crawl. Things are

2:38

so slow that some traders are saying

2:41

the corporate bond market has effectively shut

2:43

down. Marketplace is Justin Ho, gets us

2:45

going with what that is telling us.

2:47

The problem with the corporate bond market

2:50

is uncertainty. If you don't know what

2:52

XYZ companies' profits are going to be

2:54

six months from now, you're probably going

2:56

to charge more in order to lend

2:59

to them. That's Guilaba, chief fixed income

3:01

strategist at Janie Montgomery Scott. He says

3:03

companies feel it when their borrowing costs

3:06

increase, even a little. It's just like

3:08

a mortgage. If you have to pay

3:10

an extra quarter of a percent on

3:12

a 30-year bond issuance as a company,

3:15

today? Well, that's a lot of extra

3:17

expense over the next 30 years.

3:19

Doesn't sound like much, but a

3:21

lot. As a lot. Companies are

3:23

holding off borrowing money by issuing

3:25

new bonds. Winnie Caesar. They have

3:27

access to bank lines of credit,

3:29

which is basically like a massive

3:31

credit card. There's also the commercial

3:33

paper market, which is another kind

3:35

of short-term source of funding. Caesar

3:37

says companies will start inching back

3:39

into the corporate bond market, but

3:41

as long as the economy remains

3:43

this uncertain, she says companies won't

3:45

be issuing very many bonds. The

3:48

outlook for the broader economy and

3:50

tariffs and taxes and geopolitical. those

3:52

are going to be the things

3:54

that probably give memory. teams a

3:56

little bit of pause. Meanwhile in

3:58

a company that does issue new

4:00

debt, say to refinance old debt,

4:02

is going to have to contend

4:04

with those elevated interest rates. Evan

4:06

Raleigh, a finance professor at the

4:08

University of Connecticut, says that's going

4:10

to limit what companies want to

4:12

do with the money they borrow

4:14

by selling bonds. They still might

4:16

make the investment they think is

4:18

the home run, but they might

4:20

not make the investment that they're

4:22

less sure about. Raleigh says that

4:24

means companies might focus on short-term

4:26

investments that don't require much borrowed

4:28

money. say sprucing up a retail

4:30

storefront, but longer term investments that

4:32

require a lot of borrowed money,

4:34

probably not going to happen. When

4:36

you look at something oil and

4:39

gas or mineral extraction or maybe

4:41

even pharma or things that have

4:43

returns that are way out in

4:45

the future, those are the things

4:47

that are the first to go

4:49

when interest rates go up. And

4:51

so a slowdown in the corporate

4:53

bond market is a drag on

4:55

economic growth. I'm Justin how for

4:57

marketplace. Slow down was the word

4:59

oh the day on Wall Street

5:01

today as in started strong. Then

5:03

slow way down. We'll have the

5:05

details when we do the numbers.

5:19

There's a whole bunch of ways

5:22

to try to track what's going

5:24

on in this economy right now.

5:26

Justin, did corporate bonds just now?

5:28

We'll do commodities later. There are

5:31

banks too, about which the Dallas

5:33

Fed has a data point or

5:35

two. A new survey shows a

5:37

sharp slowdown in both loan growth

5:40

and loan demand in the Lone

5:42

Star State. Tariff induced uncertainty was

5:44

of course cited as one of

5:47

the major factors. Marked Blazer Elizabeth

5:49

Troval checked in with some lenders

5:51

in her home state today and

5:53

filed this report. Starting at the

5:56

border, in Laredo, IBC Bank's Jerry

5:58

Schwabble says he's seen a dip

6:00

in lending. His customers are importers,

6:03

exporters. and wait and see as

6:05

to what the implementation of the

6:07

tariffs will be to their particular

6:09

companies or their particular sector. In

6:12

Paris, Texas, in the northeastern corner

6:14

of the state, Greg Wilson is

6:16

president of Lamar National Bank, which

6:18

does commercial ag and consumer lending.

6:21

He worries if tariffs stick around,

6:23

construction budgets could get out of

6:25

control. That is a scary concern

6:28

because at that point, the bank's

6:30

going to have to either continue

6:32

to lend. beyond what was initially

6:34

contemplated in the scope or kill

6:37

the project and neither one of

6:39

those are good outcomes for banks

6:41

or our customers. It's the inflationary

6:44

impacts of tariffs on consumers that

6:46

has in-touch credit union CEO Kent

6:48

Lou Grande worried. He does a

6:50

lot of lending in the Dallas

6:53

area where people have already been

6:55

squeezed by rent and insurance hikes.

6:57

We are seeing an uptick in

6:59

non-performing loans, mostly on the consumer

7:02

side. We are. concerned that if

7:04

the present course continues, that could

7:06

worsen. In the Houston area, TDECU,

7:09

CFO, Jason Schneider is more optimistic.

7:11

He thinks some of the slowdown

7:13

is seasonal and that the dust

7:15

from tariffs will settle in the

7:18

second half of the year. We

7:20

also know for sure on a

7:22

little bit more around what the

7:25

Fed's thinking. If there is an

7:27

economic storm ahead, Texas is a

7:29

good place to weather it. But

7:31

that also means negative indicators here

7:34

could mean worse things elsewhere, says

7:36

Rice University's John Diamond. If credit

7:38

is tightening in Texas, then that's

7:41

probably likely going on other places.

7:43

For now, when it comes to

7:45

tariffs, the eyes of Texas and

7:47

the world are upon you. In

7:50

Houston, I'm Elizabeth Troval for Marketplace.

7:55

Yeah. One

8:02

of the things that happens when

8:05

you have a job in business

8:07

journalism in shall we say interesting

8:09

times Is that people you know

8:11

around town will stop you like

8:13

at the grocery store and say

8:16

to put it politely What the

8:18

heck is going on? So we

8:20

thought that might be a useful

8:22

way to spend a couple minutes

8:24

of air time. I went out

8:26

on blue sky yesterday and asked

8:29

all you all what's on your

8:31

mind tariffs the economy and Everything,

8:33

got a bunch of good questions.

8:35

Here are a couple, three of

8:37

them. First of all, from Mary

8:40

Peterson in Seattle. Is the US

8:42

economy about to freeze up? People

8:44

stop investing in the stock market,

8:46

stop buying things. Countries stop doing

8:48

business with the US because they

8:50

can't trust what President Trump will

8:53

do next. Well, the short answer

8:55

Mary, setting aside not trusting what

8:57

the president is going to do,

8:59

is no. The American economy is

9:01

a $27 trillion beast. It is

9:04

dynamic and diversified. The fundamentals, as

9:06

politicians like to say, are strong,

9:08

for now. But let's just take

9:10

the stock market for one example.

9:12

Which, Mary, you know, assuming you're

9:14

a regular listener, stock market is

9:17

not the economy. But when markets

9:19

go up, there is this thing

9:21

called the wealth effect. Even people

9:23

who aren't in the market feel

9:25

wealthier when stocks go up. So

9:28

they spend and consume and drive

9:30

economic activity. But the negative wealth

9:32

effect is real too. When the

9:34

market is down, people feel less

9:36

wealthy and so they don't spend

9:38

and the economy slows. So no,

9:41

the economy is not going to

9:43

freeze up. But it probably is

9:45

going to slow down. Second question

9:47

from John Ferrara in Eagleville Pennsylvania.

9:49

Does Congress, John wants to know,

9:52

have the ability to repeal the

9:54

tariffs that Trump has put in

9:56

place or are they powerless to

9:58

intervene? John. John, John, John. Article

10:00

1. Section 8, Constitution of the

10:02

United States of America. The Congress

10:05

shall have power to lay and

10:07

collect taxes, duties, imposts, and exises,

10:09

and to regulate commerce with foreign

10:11

nations. Congress explicitly has the tariff

10:13

power, but they've given it to

10:16

the president over the past couple

10:18

of decades. So yes, they could

10:20

repeal his tariffs. Republicans, though, in

10:22

Congress are choosing not to. From

10:24

Tom Hulse in Lake Forest Park,

10:26

Washington, trade deficits he wants to

10:29

know about. The word deficit seems

10:31

to be Trump's sticking point. Can

10:33

they be described in a way

10:35

that doesn't make the net importer

10:37

sound like they are on the

10:40

losing end? I actually think the

10:42

president's businessman brain sees the word

10:44

deficit or hears it and he

10:46

understands it to mean a loss

10:48

for a business person a deficit

10:51

often is a loss, but in

10:53

trade that's not true and it's

10:55

not right. I, for instance, have

10:57

a trade deficit with my local

10:59

beer store. I give them my

11:01

money. but they give me beer.

11:04

Same thing, if somewhat more complicated

11:06

in global trade, the United States

11:08

is a big, rich country whose

11:10

citizens like to buy things often

11:12

more cheaply than they can get

11:15

here. They like to buy them

11:17

from overseas. We send them money,

11:19

they send us stuff. Maybe, honestly,

11:21

it's a vocabulary problem, and we

11:23

should just stop calling it a

11:25

trade deficit. Okay, last question, my

11:28

personal favorite from Eric Wilkinson in

11:30

Baltimore. Why isn't the void answering

11:32

my screams? We

11:49

didn't get a question about the

11:51

US-Russia economic relationship today, but we

11:53

totally could. And more questions, by

11:55

the way, can come to us

11:57

on my blue sky feed. It's

11:59

kai-R-Y-S-S-S-S-D-A-L. at Blue Sky, Sky, Google

12:01

it, it'll get you there. Anyway,

12:04

Moscow was entirely absent from the

12:06

otherwise pretty comprehensive list of countries

12:08

that President Trump tariff last weekend.

12:10

The President's interests in rebuilding ties

12:12

with Russia are no secret. At

12:14

the same time, though, the post-invasion

12:16

sanctions are still in effect with

12:19

no sign that's going to change.

12:21

And in point of fact, the

12:23

Yale School of Management says more

12:25

than a thousand international businesses have

12:27

left Russia or pulled back drastically

12:29

in the past two years. But

12:32

what if? What if there was

12:34

business opportunity to be had over

12:36

there? Charles Hecker lived and worked

12:38

in Russia for decades. He's got

12:40

a new book out. It's called

12:42

Zero Sum, the Ark of International

12:44

Business in Russia. Charles, welcome to

12:47

the program. It's a pleasure to

12:49

be here. Thank you. Could we

12:51

do a level set here first

12:53

before the invasion of Ukraine? What

12:55

were things like? in the Russian

12:57

economy for American businesses? Well, before

12:59

the full-scale invasion of Ukraine, business

13:02

in Russia was feeling slightly apprehensive

13:04

but relatively comfortable. I mean, Russia

13:06

had gone from a fairly wild

13:08

frontier to a place that was

13:10

complicated, but where you could get

13:12

deals done. And I think that's

13:14

the way American businesses felt, that

13:17

it wasn't the easiest market to

13:19

be in, but it was a

13:21

place where you could do business.

13:23

And that was, as you said,

13:25

the result of three decades of

13:27

American and international investment. And the

13:29

promise was that, and look, we've

13:32

seen this play out before, most

13:34

specifically with China, the promise was

13:36

that changing the economy would change

13:38

politics in Russia didn't happen. What's

13:40

your sense of why? That's right.

13:42

So we made a series of

13:44

assumptions about what would happen to

13:47

Russia. And in the early 1990s,

13:49

the assumptions were a few things.

13:51

And that is that if you

13:53

invest... in a country that companies

13:55

can change the way a country

13:57

works. The other assumption was that

13:59

this would help steer Russia towards

14:02

becoming a liberal democracy. And in

14:04

fact, we assumed that the two

14:06

had to happen simultaneously, that you

14:08

couldn't have a market economy without

14:10

a liberal democracy. You know, we

14:12

found out in countries like China

14:14

that that's not necessarily the case,

14:17

but in early days, we thought,

14:19

you know, get lots of business

14:21

into Russia to learn about how

14:23

to run a market, and they

14:25

will democratize at the same time.

14:28

Then just to skip ahead a

14:30

little bit we get to the

14:33

annexation of Crimea we get to

14:35

the invasion American businesses Western businesses

14:37

largely leave not entirely but largely

14:39

leave and now what you have

14:41

over there is Chinese businesses Indian

14:43

businesses and the specter under President

14:45

Trump of maybe American businesses being

14:48

able to get back in there

14:50

What do you think? Well, that's

14:52

absolutely right. So while the Westerners

14:54

were away a lot of other

14:56

countries came to play. Famously, one

14:58

of the big highways, as you

15:01

get close to the city limits

15:03

of Moscow, that highway is sort

15:05

of dotted with car dealerships. And

15:07

those dealerships used to sell things

15:09

like folks wagons and Toyota's and

15:11

Nissan's, those car dealerships now are

15:13

almost exclusively selling Chinese cars. So

15:16

there's been some change on the

15:18

ground. But you're absolutely right, Kaita

15:20

point out that the conversation in

15:22

the United States now has completely

15:24

turned around. And with the advent

15:26

of the Trump administration, the attitude

15:29

of the United States now seems

15:31

to be towards normalizing relations with

15:33

Russia. And what that's done is

15:35

it's kicked off a fairly widespread

15:37

and fairly intense conversation about whether

15:39

or how or when companies should

15:41

go back. And not every American

15:44

company that left Russia will go

15:46

back. But I feel quite strongly

15:48

that a lot of companies are

15:50

talking about it. So let's say,

15:52

just to keep with cars here,

15:54

that Mary Barr, the CEO of

15:57

General Motors, and look, I'm making

15:59

this up, I have... no idea

16:01

what her plans are. But let's

16:03

say she calls you and says,

16:05

Charles, you've lived and worked in

16:07

Russia for a very long time.

16:09

You're an expert on international business

16:12

over there. What do you think? Should

16:14

I do it? What would you say?

16:16

Well, I think I would tell her

16:18

that the safest way to do business

16:21

in Russia right now is probably from

16:23

a distance. If there were a way

16:25

for General Motors to put cars in

16:27

boxes, and export them to Russia and

16:29

then unload them at a port, probably

16:32

somewhere around St. Petersburg, that might be

16:34

one way of doing it. But to

16:36

go build a factory that you'll want

16:38

to see there for 40, 50, 60

16:40

or more years, that's a big leap

16:42

before a lot of other questions get

16:45

resolved about the future of Russia and

16:47

international business. Well, just on the way

16:49

out here, let's lay out a couple

16:52

of those questions. What else is there

16:54

that's sort of floating around in your

16:56

mind? Russian intellectual property law

16:59

has been completely eviscerated

17:01

and what Russia is

17:03

allowing its own companies

17:06

to do is to

17:08

essentially counterfeit Western medication.

17:10

So if I were an Eli

17:12

Lily based in the US or

17:14

if I were a Novonordisk, for

17:17

example, based in Denmark, I'd be

17:19

quite hesitant to go back until

17:21

I knew that intellectual property rights

17:23

in Russia were strong. and defensible.

17:26

And I think maybe even most

17:28

importantly there's been a change to

17:30

the business elite in Russia that

17:32

may or may not want Western

17:35

business back and if they do

17:37

it will probably be on their

17:39

terms and conditions. Charles Hecker lived

17:41

and worked in Russia for a very

17:44

long time. His book on doing business

17:46

over there is called Zero Some, the

17:48

Ark of International Business in Russia. Charles,

17:50

thanks a lot. Appreciate your time. It's

17:52

a pleasure, thank you. Coming

18:10

up. Most of my friends

18:12

had actual children, and I

18:14

had this. A restaurant, but

18:16

so much more. First, though,

18:19

let's do the numbers. Yeah,

18:21

the Wawa's early enthusiasm, and

18:23

then reality hit, tariffs, midnight,

18:25

China, 104 percent. Down industrial

18:27

is off, 320 points, 8

18:29

tenths, 37,645, NASDAC down, 335,

18:31

210, 15,267. S&P 500 drops

18:34

79 points, 1 and 6

18:36

tens percent, 49 and 82

18:38

could have been, believe me

18:40

when I tell you, so

18:42

much worse. Bond prices down,

18:44

yield on the 10-year T-note

18:47

up 4.29 percent, you're listening

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found at masterworks.com/CD. President Trump is

21:01

of course getting all the headlines,

21:04

but tariffs are far from the

21:06

only way that global trade gets

21:08

short-circuited. The Democratic Republic of Congo,

21:11

which minds a whole lot of

21:13

cobalt, 77% of global supply, should

21:15

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21:18

export of that medal since February

21:20

and is now considering extending that

21:22

ban in what's becoming something of

21:25

a trend countries restricting mineral sales

21:27

to influence prices on the global

21:29

market. Daniel Ackerman explains what that's

21:32

going to mean for an American

21:34

economy that at the moment doesn't

21:36

really produce much in the way

21:39

of critical minerals. You can find

21:41

cobalt inside lots of technology, your

21:43

phone, electric car batteries, wind turbines.

21:46

I would be exaggerating but only

21:48

slightly if I said that airplanes

21:50

would fall out of the sky

21:53

without Cobalt. Dinah McLeod leads the

21:55

Cobalt Institute, a trade group, and

21:57

she says more than two-thirds of

22:00

the world's Cobalt is mined in

22:02

the Democratic Republic of the Congo,

22:04

or DRC. DRC really depends on

22:07

the tax revenues that are associated

22:09

with mining. The government took this

22:11

decision to try to prop up

22:14

the price of Cobalt. And prices

22:16

have been dropped. There's been a

22:18

significant jump. Thomas Kavanaugh is editor

22:21

of battery metals at the market

22:23

intelligence firm Argus Media, and he

22:25

says after the export ban started

22:28

in February, the price of a

22:30

key cobalt compound rose by more

22:32

than 80% and it could be

22:35

just the start. There's actually been

22:37

some talk of the DRC and

22:39

Indonesia maybe teeming up and creating

22:42

sort of an OPEC for minerals.

22:44

There hasn't yet been OPEC level

22:46

coordination among mineral producers, but governments

22:49

these days are taking more control

22:51

of their mining sectors. Cullen Hendricks

22:53

is senior fellow at the Peterson

22:56

Institute for International Economics. He says

22:58

they include not just the DRC

23:00

in Indonesia, the world's top nickel

23:03

producer, but also the top copper

23:05

producer, Chile. They are seizing this

23:07

moment where there's such an emphasis

23:10

on critical minerals to really reevaluate

23:12

their development models. One goal is

23:14

to ensure that the minerals mined

23:17

in those countries get refined there

23:19

too. But Hendrick says the Trump

23:21

administration wants to increase refining here

23:24

in the US. That is now

23:26

putting the United States in direct

23:28

competition with the policy ambitions of

23:31

many of these mineral-rich countries that

23:33

are also trying to move into

23:35

the processing space. Because when it

23:38

comes to critical minerals, Hendrick says

23:40

the real money isn't in digging

23:42

them out of the ground, it's

23:45

in turning them into something the

23:47

world can use. I'm Daniel Ackerman

23:49

for Marketplace. The

23:55

restaurant business is tough even in

23:57

the best times and the smaller

23:59

and more neighborhoody a place is

24:01

the tougher that business is. Marketplaces,

24:04

Samantha Fields, reports from Smith Street

24:06

in Brooklyn, New York. When Word

24:08

got out that Leanda was closing,

24:10

owner Ivy Mix says it started

24:13

filling up early every night. Everyone

24:15

wants to get a piece now

24:17

that we're closing. Leanda is a

24:20

cocktail bar and restaurant to focus

24:22

on Latin American spirits, tequila, mezcal,

24:24

rum, cassasa, and food from all

24:26

over the region. Papusa's mafongo tacos.

24:29

Inside, there's a long wooden bar,

24:31

gold ceiling, and candles on the

24:33

tables. Out back, there's a private

24:35

airy patio with string lights and

24:38

creeping vines. Mix opened Landa almost

24:40

exactly 10 years ago. This little

24:42

place, this little bar, has been

24:45

like my whole life. You know,

24:47

most of my friends had actual

24:49

children, and I had this. But

24:51

this winter, she and her co-owners

24:54

decided not to renew their lease

24:56

and to close. I mean, there's

24:58

many reasons, right? The restaurant bar

25:00

industry is difficult. It's become more

25:03

difficult over time, the whole country

25:05

over. But especially in New York,

25:07

she says, rent and insurance have

25:09

gotten much more expensive. So has

25:12

the cost of labor. I'm the

25:14

type of person that thinks that

25:16

it should go up, but as

25:19

a business owner, I'm like, whoa.

25:21

If you look at our labor

25:23

costs now compared to 2017, it's

25:25

a huge difference. Same with food.

25:28

We sell a lot of guacamole

25:30

here. The cost of avocados I've

25:32

skyrocketed. Then there are credit card

25:34

processing fees, which take three or

25:37

four percent of the sale every

25:39

time someone pays with a credit

25:41

card, which is all the time.

25:44

At the end of every month,

25:46

it's like, here you go master

25:48

card and visa, here's all this

25:50

money. It all adds up in

25:53

a business where if you're doing

25:55

really well, you're making maybe 10

25:57

cents on the dollar. And at

25:59

the end of the day, we're

26:02

like, like, maybe not. Like maybe

26:04

not right now, maybe not like

26:06

this, maybe not this iteration. A

26:08

lot of restaurant owners are feeling

26:11

the same. way. Five years out

26:13

from the start of the pandemic,

26:15

mix says people tend to think

26:18

of it as being over. But

26:20

the effects of COVID are still

26:22

very much here. If you got

26:24

loans out during COVID, they're due

26:27

now. If you are trying to

26:29

still make up from losing all

26:31

that revenue in COVID, we're in

26:33

that now. And the jubulence of

26:36

post-vaccine 2021 and 22, when everyone

26:38

was going out a lot, is

26:40

decidedly over, she says. Now, people

26:43

are eating out less and drinking

26:45

less when they do. Then there's

26:47

the future and tariffs. Everything I

26:49

sell here is from a different

26:52

country, literally everything. Also, most of

26:54

my staff is from a different

26:56

country. It is very scary to

26:58

look at this and be like,

27:01

okay. If I'm forecasting two or

27:03

three years from now, do I

27:05

like when I'm seeing? If my

27:08

lease is up now and I'm

27:10

not going to get penalized for

27:12

leaving it, I might just take

27:14

the out. One of Mix's biggest

27:17

worries about closing was what would

27:19

happen to her staff, but she

27:21

says almost all of them have

27:23

jobs lined up. And she's not

27:26

leaving the business entirely. How's it

27:28

going? Lots of regulars have been

27:30

coming in these last few weeks

27:32

to say goodbye. I came here

27:35

on Tuesday, Wednesday, Thursday, I'll be

27:37

here on Friday and Saturday, so

27:39

five days in a row. Devin

27:42

Plimpera used to come in a

27:44

few times a week when he

27:46

lived in the neighborhood to sit

27:48

at the bar and have a

27:51

cocktail and tacos. Even now that

27:53

he lives an hour away in

27:55

Queens, he still comes. This last

27:57

week, he's been getting here early

28:00

every day to make sure he

28:02

gets a seat at the bar.

28:04

Tonight I'm going to be here

28:07

for a very long time. I

28:09

will definitely be going a cocktail

28:11

mocktail cocktail. It's a celebration of

28:13

how great the bar was and

28:16

also, you know, a bit of

28:18

a week. His old regular coffee

28:20

shop nearby just closed recently too.

28:22

It's weird, he says. It makes

28:25

him sad. Businesses and people make

28:27

up a neighborhood. So I... consider

28:29

this neighborhood my favorite neighborhood city.

28:31

But he says with friends who've

28:34

moved away and his favorite business

28:36

is closing, he might have to

28:38

start rethinking that. I'm Samantha Fields

28:41

for Marketplace. Oil, the U.S. benchmark

28:43

West Texas, often another 3.7 percent

28:45

today, 58.46 a barrel, which, yay,

28:47

cheaper gas. But also, boo, oil

28:50

is down because a slowing economy

28:52

means lower demand. Our digital and

28:54

on-demand team includes Kerry Barber, Jordan

28:56

Manji, Philen Mietten, Janet Nguyen, Olga,

28:59

Oxman, Ellen Rolfus, Edward Silver, Virginia

29:01

K. Smith, and Tony Wagner. Francesca

29:03

Levy is the executive director of

29:06

Digital and on-demand. And I'm Kai

29:08

Rizzedall, we will see it tomorrow,

29:10

everybody. This is 8 p.m.